Connect with us

EOS

Augur struggles with low volume of bet, so are other EOS & ETH dApps, except TRON

Published

on

Augur’s report claim a big amount of interest of their betting platform, while the truth is they’re struggling with a low adoption.

Betting platform, Augur just posted their weekly report on their Medium account recently. Dated January 10th, the report contains the development the Forecast Foundation has been working on in the past week, such as trading page redesign and finalizing the new code for P&L calculation.

The company also reveals the current market size of their DApp in number of contracts as well as in fiat and crypto value.

They claim to have a total of $2,040,934.63 or 13,451 ETH of Open Interest and $1,896,284.45 or 12,498 ETH of Cash Contract.

The claim is refuted by Tetras Capital’s co-founder, Alex Sunnarborg who said that the actual value is way below the stated amount on the report.

In a tweet, Sunnarborg said that the $2 million something amount included markets that have already ended.

“If we exclude markets that have ended there is <$100k total money at stake on Augur,” he added.

The truth of the matter, Augur is not the only dApp that struggles with a low adoption. According to CCN, a report released on August last year revealed that there were only 8 dApps that have more than 300 active daily users, both on Ethereum and EOS network.

Some consider the low adoption as the evidence of the “fundamental failure” of dApps to deliver their promises, however, not everyone agreed to that opinion. Another research by State of dApps also reveals that around 17% of dApps have been abandoned.

Defying the populare opinion, Gnosis founder, Martin Koppelmann believes that the success of dApps shouldn’t be measured by the number of users, instead, it should be seen from how many dApps are created and use contracts from other dApps.

Despite the disagreement on the success measurement, no one could deny TRON’s achievement, which undoubtedly has surpassed the other similar platforms, except probably financial research and analysis giant, Weiss Crypto Ratings that claimed EOS and ETH are actually better than TRON.

For the record, by the end of last year, TRON recorded more than 100 million transactions in 173 days across 50 dApps with 1 million accounts.

The founder, Justin Sun even boldly invited ConsenSys devs to join the “TRON family”, while at the same time tweeting regularly how his network successfully surpasses Ethereum in terms of transaction number.

Source. chepicap

EOS

EOS gambling dApp’s loophole exploited; attacker walks away with 30,000 EOS

Published

on

The parent blockchain of EOS token, EOSIO became a casualty of an attack, after a gambling dApp was exploited by an attacker, accumulating 30,000 EOS (approximately amounting to 111,000 $) in the process.

The intruder reportedly took advantage of a loophole in the dApp EOSplay, permitting him to win consecutive rolls by filling the blocks with paid transactions.

Twitter user @rektkid, was one of the first to notice the intrusion. He took to the social media platform to explain that the attacker had taken the help of REX, an ESO resource exchange for RAM and CPU outlets, which led to consistent fill-up of blocks with transactions, allowing him to create a continuous win situation on the gambling app. After over 30,000 EOS was transferred to the attacker’s wallet, the blockchain’s network froze.

Source: Twitter

However, the attack may have effected the network more than it was expected.

Another twitter user Dexaran, provided more insight into the attack and claimed that all his contracts on the EOS mainnet had stopped due to high network congestion. He added that his 20 staked EOS CPU gave him a feeble network signal of 6 ms instead of the 2800 ms in normal state.

He contemplated the intruder’s plan of action and addressed how the attack occurred. An update on the network was released by Dexaran. He said,

“Attack stopped, network is back in a normal mode.

>30K EOS stolen because of the vulnerability of DApp design.

Not $EOS flaw. Just a smart-contract that was hacked. To smart-contract devs: 1. Follow best security practices. 2. Do not rely on on-chain source of entropy in EOS.”

News Source

Continue Reading

EOS

EOS gambling dApp’s loophole exploited; attacker walks away with 30,000 EOS

Published

on

The parent blockchain of EOS token, EOSIO became a casualty of an attack, after a gambling dApp was exploited by an attacker, accumulating 30,000 EOS (approximately amounting to 111,000 $) in the process.

The intruder reportedly took advantage of a loophole in the dApp EOSplay, permitting him to win consecutive rolls by filling the blocks with paid transactions.

Twitter user @rektkid, was one of the first to notice the intrusion. He took to the social media platform to explain that the attacker had taken the help of REX, an ESO resource exchange for RAM and CPU outlets, which led to consistent fill-up of blocks with transactions, allowing him to create a continuous win situation on the gambling app. After over 30,000 EOS was transferred to the attacker’s wallet, the blockchain’s network froze.

Source: Twitter

However, the attack may have effected the network more than it was expected.

Another twitter user Dexaran, provided more insight into the attack and claimed that all his contracts on the EOS mainnet had stopped due to high network congestion. He added that his 20 staked EOS CPU gave him a feeble network signal of 6 ms instead of the 2800 ms in normal state.

He contemplated the intruder’s plan of action and addressed how the attack occurred. An update on the network was released by Dexaran. He said,

“Attack stopped, network is back in a normal mode.

>30K EOS stolen because of the vulnerability of DApp design.

Not $EOS flaw. Just a smart-contract that was hacked. To smart-contract devs: 1. Follow best security practices. 2. Do not rely on on-chain source of entropy in EOS.”

Source:ambcrypto

Continue Reading

EOS

Asian Entities Seek “Partners” to Manipulate EOS BP Voting

Published

on

Controversy is always looming around the corner in the cryptocurrency industry. A lot of shady deals are going on, although not all of them will have any lasting effect. In the EOS ecosystem, various proxies have been approached by third parties looking to gain control over their “votes” and to create value. It is a very problematic turn of events, although one that might not cause any problems as of yet.

THE EOS PROXIES ARE POPULAR

It is evident every cryptocurrency network has nodes or members which depict a certain degree of network value. As far as EOS is concerned, that value doesn’t just come from block producers, but also proxies which operate on the network. As is to be expected, a fair few proxies tend to lose traction over time as others move to the forefront.

Despite their “loss” of value, it seems those proxies are still of interest to third parties, primarily originating from the East. These entities aim to obtain the rights of as many proxies as possible and are even willing to “create value for EOS holders’ in doing so. While this makes for a seemingly legitimate business model at first, there is something far more nefarious going on behind the scenes. 

PROPAGATING BP VOTES

The main purpose of gaining authority of an EOS proxy is to influence the votes which are given to certain block producers. Although anyone in the world can create their own proxy or become a new block producer as they see fit, obtaining an established party is an easier and quicker way to what is perceived as a guaranteed success. 

Multiple conversations have been shared on Twitter regarding the approach by Asian “investors”. They all seem to target EOS proxies which are losing traction. As such, they want them to vote for certain block producers, for which they will receive a financial compensation in return. It can be a somewhat lucrative venture for those willing to throw away any credibility, but everyone else isn’t really interested. As such, there is no reason to expect any immediate repercussions due to this behavior. 

A PROBLEM AT THE CORE?

If there is one thing to take away from all this, it is how EOS’s core infrastructure could allow for BP voting manipulation. This was known from the start, although little has been done to prevent it from happening. While any wrongdoings will become apparent fairly quickly, a lot of damage can be done before that happens. As such, one has to question if this approach needs to undergo changes now or in the future. 

It would not be the first time BP voting manipulation takes place on EOS either. Last year, numerous parties were accused of doing exactly that. While no official proof was offered at that time, it seems some entities are more than willing to go down the dirty tricks route. One also has to keep in mind collusion would cost a lot of money in the EOS ecosystem, and might not necessarily be worth pursuing. That said, nothing is impossible, and all options remain on the table until further notice. 

News Source

Continue Reading
Open

Close